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Transcripts from the Prime Ministers of Australia

Transcript 41645

Australia-EU Trade Agreement

Photo of Turnbull, Malcolm

Turnbull, Malcolm

Period of Service: 15/09/2015 to 24/08/2018

More information about Turnbull, Malcolm on The National Archive website.

Release Date: 23/05/2018

Release Type: Media Release

Transcript ID: 41645

The Turnbull Government welcomes the Council of the European Union agreeing to open negotiations for a landmark job creating Australia-EU trade agreement.

We look forward to welcoming EU Trade Commissioner Malmström to Australia next month to formally launch negotiations.

The Turnbull Government will seek an ambitious and comprehensive Free Trade Agreement (FTA) to drive Australian exports, economic growth and create new Australian jobs.

We will be working to secure better access for Australian food and agriculture products, creating the framework for open, fair and equitable trade.

The Liberal National Government will also be working to lock in better access for Australian services exporters; expand two-way investment flows; and deliver a more seamless business environment.  

We will explore rules and initiatives to support the digital economy and innovation, which are important for small and medium-sized enterprises (SMEs).

An FTA with the EU has the potential to set the benchmark for what can be achieved between like-minded partners. Australia and the EU share a commitment to the rules-based global trading system and to open markets.

As a bloc, the EU is Australia’s second largest trading partner; third largest export destination; and second largest services export market. The EU was Australia’s largest source of foreign investment in 2017.

An FTA with the EU will open up a market for Australian goods and services of half a billion people and a GDP of US$17.1 trillion. It would potentially be Australia's biggest FTA once concluded

The Turnbull Government is pursuing Australia’s most ambitious trade agenda to open more markets, create a stronger economy and more Australian jobs.

Transcript 41645